I think the most important thing to watch in Nvidia’s earnings report this time isn’t how much money it can make, but whether all the money being spent across the AI industry is worth it.

Over the past few years, the AI industry has developed at a tremendous pace. Tech giants have continued investing in data centers, and Nvidia has become one of the biggest beneficiaries of this wave.

But now the market is starting to ask a more practical question:

After investing so much money, how much real value can it ultimately create?

Strong demand for chips is one thing; whether AI applications can continue to generate revenue is another.

If AI companies can keep growing their revenues, there will naturally be good reason to continue investing in infrastructure.

But if investment grows far faster than commercial returns, the market’s attitude toward AI valuations could also change.

So, for Nvidia’s earnings report on November 17, I’ll be focusing on revenue guidance, data center business growth, and gross margins.

The AI story can be told on a grand scale, but ultimately, it has to prove itself through performance.

#NVIDIA
#英伟达Q3财报将至：能否化解市场疑虑？